Duggan Introduces 0% Interest Loans for Home Repairs
A new program will allow homeowners to restore their homes with a zero percent interest loan.
Detroit Mayor Mike Duggan has introduced a program to allow homeowners to set no interest loans for home renovations. The program offers low-income families five thousand to 25 thousand dollars loan to be paid back within ten years.
Duggan says some residents who surpass the low-income requirement can also apply.
“We’re going to have people who have been in an neighborhood, maybe they got a raise, maybe the spouse got a job, they got out of that income level but they wanted to stay in the neighborhood,” Duggan says. “They love their neighbors, they love their neighborhood. They want to put money into the house. You’re going to be eligible for this program because you stuck with the neighborhood.”
Duggan says he wanted to create a program that puts neighborhood restoration back into the hands of residents. Funds for the program are provided by Bank of America and the U-S Department of Housing and Urban Development.
Targeted neighborhoods for the loans can be seen in the picture below. For more information visit www.DetroitHomeLoans.org or call 2-1-1.